PowerPay, a leading fintech platform providing consumers with home improvement and patient finance, announced the addition of Synovus Bank, a Georgia-based financial institution with $62 billion in assets under management, to its committed warehouse lending syndicate. The Company is also pleased to share that Nearwater Capital, a leading New York-based provider of asset-based financing solutions, will be providing Risk Retention Financing to help support the Company’s securitization program. The addition of these two partners significantly expands PowerPay’s capital structure, enhancing the Company’s capacity to bolster the rapid growth of its lending program, which has become one of the largest integrated consumer finance platforms in the U.S.
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The partnership is expected to provide PowerPay with the capital needed to continue scaling its originations and serve its growing network of over 12,000 contractors, merchants, and medical professionals nationwide.
“We are thrilled to welcome these two respected institutions to the PowerPay platform,” said Mike Petrakis, PowerPay’s CEO and Founder. “These new commitments are a strong validation of our Company’s performance, credit quality, and operational rigor. The additional capital is instrumental to our growth strategy and will allow us to meet the surging demand for our point-of-sale financing solutions as we further expand our securitization program.”
Fueled by PowerPay AI, the Company has secured three major national home improvement partnerships—projected to generate an additional $800 million in annual originations, significantly expanding our market footprint and reinforcing our leadership in embedded finance.
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